FinCap welcomes the open letter sent by the Commerce Commission to New Zealand’s three mobile phone operators mobile telecommunications companies, telling them that they need to guard against overspending by mobile phone customers. The open letter from the Commerce Commission is a proactive step to ensuring...
FinCap welcome’s the Government's announcement that they are bringing forward the introduction of the 100% repayment limit and ban on compounding interest for high cost loans, and the $30 cap on default fees for all loans, through the COVID-19 Response (Taxation and other Regulatory Urgent Measures)...
COVID-19 is causing immense disruption to our society and our economy. Hundreds of thousands of New Zealanders and their families now face having to survive on a reduced income. These people are worried about whether they can pay their rent or their mortgage, while keeping their...
New Zealanders worried about money due to the effects of COVID-19 are urged to seek guidance through official government services Sorted and MoneyTalks. The Sorted website is run by CFFC, headed by Retirement Commissioner Jane Wrightson, and MoneyTalksis run by the FinCap, the umbrella body for financial capability and...
Parliament’s Finance and Expenditure Committee has made key amendments to the Credit Contracts Legislation Amendment Bill, giving borrowers more protection from harmful high cost consumer credit contracts. The changes indicate that the Select Committee listened to the voices of Financial Mentors representing consumers that have...
FinCap welcomes the Government’s response to the Final Report of the Electricity Price Review process as a "good first step". FinCap supports 200 local financial capability and budgeting services across New Zealand. Collectively these services see 70,000 people a year. We commend the work of the Expert Advisory...
FinCap welcomes the recommendations of the Welfare Expert Advisory Group in their report "Whakamana Tangata - restoring to social security in New Zealand". Tim Barnett Chief Executive of FinCap said today: "The recommendations in Whakamana Tangata are an eloquent statement of what people in financial hardship need...
Hi all - we were planning to release on the Government’s new loan shark legislation - the Credit Contracts Legislation Amendment Bill which is having its first reading today and we thought we’d invite other organisations to join us. The response has been overwhelming with eight...
A survey of New Zealand’s free local financial capability and budgeting services exposes the human damage being caused by loan companies and debt collectors and reveals the extent of law reform needed. The February 2019 “Survey of financial mentoring and budgeting services in Aotearoa on high...
FinCap, working with New Zealand’s 200 free budgeting services, warmly supports the recommendation that banks need to urgently improve oversight, controls and processes; and the need for banks to champion business models that focus on consumer interests. Financial mentors and budget advisers frequently report on...